Just stuff from some coonass who's got some highfalutin investment title.

Wednesday, June 5, 2013

It's The Economy Stupid: Market Close

Well, it appears that the stock markets all around the world weren’t feeling it today.

Stocks tumbled, sending U.S. benchmark indexes to one-month lows, while Treasuries rallied as investors weighed prospects for economic growth and the Federal Reserve’s stimulus plans. The yen strengthened and shares

plunged in Japan.

The MSCI All-Country World Index lost 1.5 percent at 4 p.m. in New York for its worst drop since April 15. The Standard & Poor’s 500 Index slipped 1.4 percent, extending its decline from a May 21 record to 3.6 percent, while emerging market equities slumped to a six-month low. Japan’s yen gained against all 16 major peers and the Topix index of stocks sank 3.2 percent, extending its retreat since May 22 to almost 15 percent. The Dollar Index slipped 0.2 percent and the 10-year Treasury yield fell six basis points to 2.08 percent, declining from near a 14-month high.

Companies in the U.S. hired fewer workers than projected in May, the ADP Research Institute reported today, while separate data showed growth in service industries and factory orders. U.S. shares extended a global retreat after Japan Prime Minister Shinzo Abe’s speech on the country’s growth strategy disappointed investors.

Gauges of commodity, financial, industrial and consumer companies lost at least 1.6 percent to lead declines in all 10